Crowned as “The City of Gold,” Dubai is known as a chief gold trader with major retail markets and hundreds of shops selling gold in its first and oldest Gold souk. Its growth from a quiet Gulf port to a world-famous business hub is one of the reasons why it got its nickname, as well. Raw materials are sourced from Africa and are then melted and sold as finished products.
Dubai owns 29% of the gold trade market while China and India follow closely behind. The tax-free status of the city and its geographical location plays a crucial role in making it a central trade hub. Tourists, traders, and residents looking to buy gold can walk in, buy jewelry and even get it customized.
Gold and COVID-19
Despite the impact of COVID-19 on other commodities, gold prices were up 25% in the last year. This reinforced the message that the yellow metal provides a safe option when all other assets turn sour. “Historically, this behavior has occurred as investors look for high-quality liquid assets, such as gold, in these risk-off environments,” – World Gold Council
According to Dubai jewelry retailers, November and December of 2020 recorded the best levels of shoppers. Convincing even first-time buyers that gold can hold its own even as most other asset value drops.
The City of Gold in Pictures
Dubai’s oldest Gold Souk in Deira.
Photo by Saj Shafique on Unsplash 
Photo by Ken S on Unsplash 
Guinness World of Record for the world’s largest ring showcased in Dubai and the Gold ATM that can be found in Dubai Mall, Burj Khalifa and Atlantis the Palm.
Photo by manonthelam 
Photo by Khaleej Times
Enjoy an evening at Gold on 27, Burj Khalifa.
Photo by Dubai Night
A whopping AED 73 million gold and diamond shoes unveiled in Dubai.
Photo by Gulf News
